After reflecting on 2023 for our Highlights of 2023 article, the natural progression led me to start setting goals for 2024.  The essence of goal setting has resonated with me since my high school sports days.  We were always setting goals to meet for each game, season, or year.  Yet, I hold a firm conviction in setting goals and crafting ones I am genuinely committed to achieving.  Making my goals SMART, similar to Neill, I make my goals Specific, Measurable, Achievable, Relevant, and Time-Bound.

This method serves as my guiding principle, a framework through which I dissect and scrutinize the significance of each goal for the year ahead.  By doing so, I aim to organize my aspirations, ensuring they are not just aspirations but tangible objectives that I can realistically meet. 

During this first month of the year, I will focus on developing a comprehensive roadmap outlining the steps necessary to reach each goal and establishing trackable metrics and a clear path to the finish line.  This will serve as motivation for the success I envision.  As you’re reading this, we encourage you to embrace goal-setting.  Use SMART criteria to try and make goals that are attainable and relevant.

What are your top 3 Business goals?

1. Scale wholesale business back up to 5 deals per month

In the spirit of continuous improvement, my primary business goal for 2024 is to scale up our wholesale operations, aiming for a steady increase to 5 deals per month.  While I previously emphasized the importance of streamlining and managing the business at a more manageable size in the highlights of 2023, the goal now is to grow, but with a more meticulous approach.  The focus is on effective delegation, gradually stepping away from day-to-day operations, and refining my business owner and leadership skills.

This goal is multi-faceted.  It will be a financial improvement for the business but also serve as a testament to personal and professional growth.  I have evolved from a novice business owner and am eager to prove that I am a more adept and patient leader.  It will also be a challenge for me to develop more comprehensive training courses and standard operating procedures (SOPs) for my team.  All while being content with slower growth and not trying to take over the world in a day.

2. Reach more readers for BBM

Having reached our goal of launching a blog in 2023, our focus for the upcoming year is to extend the reach of our platform; Business is the Best Medicine.  Passionate about personal finance and business, we want to bridge the information gap for medical professionals, especially my fellow APPs, who often find limited resources for relevant information.

Our mission is not about garnering subscribers; it’s more personal than that.  We want to empower individuals in their careers.  The fight against corporate medicine is real, and financial independence is crucial to winning this battle.  To us, BBM enables fellow medical professionals to own and run a business and take control of their time, life, and finances.  Our commitment lies in creating content beyond information dissemination and is more about inspiring professionals to break free from career constraints and embrace financial autonomy. 

3. Flip two houses

With real estate and house flipping being longstanding aspirations and our first flip almost behind us, my goal for 2024 is to flip two houses.  While the initial target was set at five, I am intentionally pacing myself, recognizing the importance of realistic goal-setting.  Considering the impending arrival of a new family member in the middle of the year, I’ve adjusted the goal to two houses- one before and one after the baby. 

I am committed to diligence in deal selection, resisting the urge to jump on an opportunity merely to do another transaction.  I am breaking free from old habits and learning from past mistakes.  Despite the challenges, I am excited to grow this side of our business and look forward to scaling this in the years to come.

What are your top 3 Personal goals?

1. Nurturing Family Bonds

As we eagerly anticipate the arrival of our third child, a key personal goal for 2024 centers around our family unit.  I made it a priority to spend more time with my family in 2023.  As mentioned in the highlights article, I am on the other side of career changes, and I feel comfortable with where I am with spending time with my kids, just in time to have a third addition to the chaos.  Aiming for an uncomplicated birth, I am dedicated to spending the three months of my clinical work hiatus cherishing moments with our new family unit.  There is nothing quite like newborn fatigue, but I look forward to spending that time with the kids and getting to soak up newborn snuggles.  You certainly cherish more and more of the early stages with the more kids you have because you know it goes so fast.

This commitment to family time extends beyond our home and maternity leave.  We want to continue to travel and create lasting memories with our children.  Building on the strides we’ve made, our intention for 2024 is to continue the trend of intentional family experiences. 

2. Physical Health

I love to stay active, but I struggle with this while pregnant.  Before pregnancy, I was into a good routine but have since lost momentum.  I will try to regain that momentum this year and keep it through pregnancy and postpartum.  Exercise, specifically sports, has always been a stress reliever for me.  Although I can’t school anyone on the basketball court for the time being, I can still stay active. 

I appreciate the mental tax this costs and always want to strengthen my mind.  Fighting exhaustion in both pregnancy and postpartum is a challenge to stay on top of, so making this goal measurable and attainable was important.  I can do anything I set my mind to.  My specific goal is to exercise 3 days a week and meet my step goal two additional days.

My postpartum goals will be meeting my step goal 5 days a week until I am released for full activity and then resume the same goal. 

3. Attend a medical service/ mission trip

A desire to serve in underserved communities has been a driving force since my PA school interview.  Despite the demands of parenting and entrepreneurship, I am determined to prioritize a service mission trip in 2024.  While still taking shape, this goal reflects my commitment to giving back and utilizing my skills to make an impact. 

I’m not exactly sure what this will look like, and it will obviously be toward the end of the year, but I want to put effort into finding a service that I am passionate about and commit to short-term service. 

What are your top 3 Financial goals?

1. Increase Cash Flow

As I plan for the arrival of our third child, a pivotal financial goal for 2024 is to replace my full-time income with cash flow from a side hustle during my three-month maternity leave.  As the primary breadwinner for our family, this goal arises from the necessity to maintain financial stability while taking time off.  While my maternity leave bonus covers a portion of my regular income, I am motivated to explore a side hustle that can contribute not only during this period but also serve as an ongoing source of income. 

Ultimately, this is not only a short-term solution goal but aligns with my broader financial objective, increasing cash flow to expand our investment portfolio and pay off low-interest debts.  Identifying and implementing this side hustle in the next six months diversifies our income streams and enhances our overall financial security. 

2. Accumulate assets

Using the BBM Financial Vitals Checklist, which you can download here, my next step is accumulating assets.  I have struggled to choose which avenue to pursue in the past few years, particularly in real estate.  While initially drawn to the idea of owning rentals, I became uncertain about being a landlord of multiple properties.  To gain clarity, I intend to acquire at least one additional rental property this year. 

Accumulate Assets Goals
BBM Financial Checklist Timeline

We are considering switching primary residences and converting our current home into a rental property.  I mean, who can sell a 2.8% mortgage right now?  The aim is to explore the landlord experience and see if it’s feasible for us to expand and grow.

3. Add another income stream to my real estate business.

Beyond scaling up the wholesale business, my financial goals for the year include adding another income stream to our real estate ventures.  Two compelling ideas on the table; the first involves scaling up short-term lending for Earnest Money Deposits (EMDs) or short-term acquisition lending.  This provides good returns, and short-term lending is less risky than long-term lending. 

The second idea revolves around creating a transaction coordination income stream for the business.  Assembling a team of virtual assistants (VAs) to manage transactions for other wholesalers or real estate agents offers a service to my business and my husband’s business and introduces an additional income stream.  The decision between these two options will be made in the first quarter.

How do you plan to keep yourself accountable?

Setting goals is great and, obviously, the first step, but accountability is key to transforming aspirations into tangible accomplishments.  To ensure a successful and purposeful 2024, I plan to hold myself accountable for these goals throughout the year. 

1. Quarterly Timeline

January’s initiative is to nail down a timeline that harmonizes with our newest family member’s imminent arrival and aligns with the year’s goals.  This is designed to keep me on track and ensure each goal is approached with due diligence, avoiding pitfalls of rushed decision-making that I’ve been guilty of.  Setting the timeline up quarterly also gives me mini-deadlines to meet, which is helpful for my type A personality.

2. Accountability with writing this down

Beyond the confines of my mind, I recognize the power of accountability through writing this stuff down.  Having my goals and ideas in my head feels easier, almost like they are protected from failure there.  But I argue that this is far from true.  Sharing these thoughts and goals with like-minded individuals fosters a sense of accountability and camaraderie.  These conversations fortify aspirations, and collective encouragement is made toward higher achievements. 

3. Monthly check-ins/ quarterly evals

After this month, my roadmap will be made.  This roadmap will serve as a way to track my progress and reflect on setbacks.  I will also be able to celebrate milestone achievements.  Flexibility is critical, as I anticipate adapting to unforeseen challenges and adjusting timelines accordingly. 

I look forward to sharing the journey with you as the year unfolds.  I am eager to reflect on this post at the end of 2024, comparing intentions with achievements and making future goals.  The strides made in 2023 were significant, and I plan to continue the pace this year.  If anything, my foot is on the gas pedal, and I am excited to see where the journey takes me.  Thanks for tuning in and following along.  Happy New Year!